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ASX Preview: Australian Shares Set to Fall Amid Oil Surge; BlueScope Steel to Pay Special Dividend

MT Newswires Live01-14 07:02

Australian shares are poised to fall on Wednesday as surging global oil prices, driven by unrest in Iran and supply uncertainties from Venezuela, heighten investor concerns over energy costs and market volatility.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.2%, 0.1%, and 0.8%, respectively.

In the macroeconomy, the building approvals and job vacancies reports are due at 11:30 am Sydney time.

In corporate news, BlueScope Steel (ASX:BSL) will pay an unfranked special dividend of AU$1 per share on Feb. 24 to shareholders on record as of Jan. 21.

Mayne Pharma Group (ASX:MYX) said that Chair Frank Condella has decided to retire from the board, effective Wednesday, while Bruce Robinson has been appointed non-executive chair.

Australia's benchmark index rose 0.6% or 49.1 points to close at 8,808.50 on Tuesday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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